Five ways to get affordable health insurance premiums are essential for those who are looking for a way to save money while still having access to quality medical care. With rising health care costs, it can be difficult to find an insurance plan that meets your budget without sacrificing coverage. Fortunately, there are a few strategies you can use to get affordable health insurance premiums that still provide you with the coverage you need.
Five ways to get affordable health insurance premiums. Health insurance has many benefits. In addition to taking risks, this financial product can also be used as an investment tool. This means that even if you don’t use it, the fees paid each month can be charged at a later date. But unfortunately, there are still many people who do not want to have insurance due to reasons related to insurance premiums.
Now let’s talk more about insurance premiums first. Insurance premiums are obligations that must be paid to the insurer every month as a dependent fee in case of risk. The amount of this insurance premium varies greatly depending on various factors such as age or health.
Yes, the perception that insurance is expensive is often the reason Indonesians don’t have it. In the first quarter of 2019, the Association of Life Insurance Indonesia (AAJI) reported that the number of policyholders in the life insurance industry was only 53 million. This figure has decreased by 9.1% compared to the previous year.
Why are health insurance premiums expensive?
In fact, not all health insurance premiums are expensive. However, there are several conditions that cause these costs to skyrocket. In fact, in addition to the quality of services and the number of dependents, the insurance premium will also be calculated or adjusted by the amount of risk that the insurance company accepts. Therefore, the higher the risk, the more expensive the automatically collected health insurance premiums.
What are the risks? Here are 5 factors that often contribute to high health insurance premiums:
If your job is considered high-risk, the health insurance company will also charge higher premiums. For example, this is an engineer job at an offshore oil rig site.
Insurance companies that make judgments based on medical evidence naturally assume that being overweight or obese poses a high risk to both health and finances.
- Congenital diseases and medical history
Congenital diseases and medical documents can also be the reason for expensive health insurance premiums. The list of these diseases included cancer, diabetes, asthma, heart disease, depression and history of drug use.
If you are an adrenaline junkie who enjoys rock climbing, motorcycle racing, or scuba diving, generally, medical insurance also puts this potential client at great risk, so the premiums paid are high.
Health insurance companies estimate that people who live with the habit of smoking are at greater risk and are prone to many diseases. For example, heart, stroke or cancer.
Health insurance premium cost range
Speaking of private health insurance premiums, costs range from $24.50 to $350. Of course, the amount of this insurance premium depends on the level of support and the number of dependents. Do not forget that the risk factor affects again.
Adjust the premium to your financial situation so that the bet is not bigger than the post. However, account content should also be managed as much as possible. Of course, those who have a monthly salary of more than 1100 dollars, want to choose the type of health insurance with the best services. While workers with wages between $350 and $1,100 may consider the cost of insurance to be cheaper.
Tips for affordable health insurance premiums
In 2020, which is associated with challenges due to the spread of Corona, do not delay in getting health insurance. You don’t need to think about this premium issue anymore. There are many ways to continue to have health insurance at affordable premiums. Try the trick below.
- Use family insurance
If you have a family, let’s say you have two children, how do you buy health insurance with low premiums? In this case, you may need to buy 4 insurance policies. The cost becomes expensive because the premium is more than one. Therefore, the best solution is to find family health insurance. Technically, participants only need to purchase family insurance. The insurance policy amount is accumulated at a lower price.
- Don’t just pick a rider
When buying insurance, agents usually offer additional benefits or called riders. For example, in health insurance, there are other secondary protections such as critical illness. For agents, this offer increases your commission if potential participants agree.
But the problem is that the price of the ride is not cheap. When adding this perk, make sure you really need it. If you are a serious illness rider, it is best to understand the following first. What types of diseases are covered? When can you apply for critical illness insurance? At what stage is the money settled? Think well, then decide whether to take it or not.
- Avoid whole life insurance
Whole life insurance has the “concept” of unlimited protection. However, the premiums are too expensive to pay. For example, insurance to support participants up to age 70 will have cheaper premiums than coverage up to age 100. So, to save more, you should only get insurance that protects you up to a certain age.
- Arrange by invoice
In health insurance, there are two methods for reimbursing hospitalization expenses, which are:
According to the internal limit where the maximum ceiling will be determined by the insured. On a bill basis (charge basis), this means the insurer reimburses the hospital bills as long as the annual cap is met. The second way will be more profitable because he does not have to pay maintenance costs with personal money. In this way, the insurance premium costs and maintenance costs will not be borne by him at the same time.
- Act at a young age
The amount of insurance premium is generally measured based on risk. The factor that affects the risk itself is age. The older a person is, the more likely he is to get sick and die. As a result, older age will receive higher premiums than younger age.
However, many people think that it is not important to be young to have insurance because they feel that they are still far from the risk of disease. This mentality must change because disaster knows no age. This is because in situations where the potential participant has a pre-existing condition, the insurance is more likely to add an additional premium, making the premium more expensive.
Having insurance is an important thing to fight for, especially if you already have dependents or family. Because maintaining health is not enough if it is not accompanied by the services and facilities of the best hospitals. (Source: generali)
In conclusion, it is important to remember that there are a number of ways to get affordable health insurance premiums. By doing your research, shopping around, taking advantage of subsidies, opting for a higher deductible, and considering alternate coverage options, you can find a plan that fits your budget and health needs.
